500.com, a leading online sports lottery service provider in China, raised $75 million by offering 5.8 million ADSs at $13, the high end of the upwardly revised range of $11 to $13. The company had previously filed to offer the same number of ADSs at a range of $9 to $11. Sequoia is also investing $15 million in a private placement at the IPO price. At $13, 500.com commands a fully diluted market cap of $447 million and an enterprise value of $363 million. 500.com will list on the NYSE under the symbol WBAI. Deutsche Bank acted as the lead bookrunner on the deal.
